For inclusion in the corporate transparency population, income tax returns must be lodged and processed by 1 September of the following income year.
The 2016–17 income tax returns for 5 entities were not previously published because they were lodged or processed after 1 September 2019. Of these 5 entities:
- 3 reported nil tax payable
- 2 had aggregate tax payable of $5.7 million, none of which was paid on time (82.7% has been paid to date).
These entities are now published as part of the 2018–19 report.
The 2017–18 income tax returns of 31 entities were not previously published because they were lodged or processed after 1 September 2019. Of these 31 entities:
- 20 reported nil tax payable
- 11 had aggregate tax payable of $50.2 million, 22.5% of which was paid on time (65.1% has been paid to date).
These entities are now published as part of the 2018–19 report.
Corporate entities' income tax return lodgment and payment dates are fixed based on the date their year of income ends. We apply a risk-based approach to ensuring lodgment and payment where these obligations are not met, including the application of penalties and interest.
Priority is given to processing different return types and demands. The time it takes the ATO to process returns can vary during the year. A few corporate entities with 2018–19 data being reported may, have met all of their lodgment requirements before 1 September 2019.
Reasons for companies not lodging on time include:
- information from third parties being unavailable
- structural changes (such as mergers, acquisitions and consolidation)
- being in, or about to enter liquidation, which prevents them from being able to prepare and lodge a return.
Where companies still have outstanding lodgments, this may include escalation to default assessments or criminal prosecution for non-lodgment.